Category: News Wire

The Government is failing on its pledge to stimulate the economy through infrastructure projects and could lose Britain key investments by delaying vital decisions, according to more than 20 leading figures in the construction industry.

Ratings agencies are no longer trusted by the world’s largest investors, the former head of structured finance at Standard & Poor’s has warned.

Italy said on Tuesday it may want to tap euro zone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc’s debt crisis, which a top European Central Banker said could escalate.

Former Barclays chief executive Bob Diamond has said he is “dismayed” by MPs’ views that he was “less than candid” when he appeared before the Treasury Select Committee last week.

The deputy governor of the Bank of England (BoE) has said he did not give Barclays instructions to lower its Libor submissions in 2008.

Marks and Spencer has reported a drop in sales, after stock issues and the wet weather hit trading in its clothing department.

Eurozone finance ministers have agreed to lend Spain 30bn euros (£24bn; $37bn) this month to help its troubled banks.

The Queen’s Diamond Jubilee gave a “bunting boost” to retailers, according to figures which suggest consumers splashed out on food, drink and clothes in the run up to the extra-long bank holiday.

Italy’s economy will shrink by around 2pc this year, the head of the Italian central bank has said, as he called for adopting a “new Italian spirit” to tackle the eurozone debt crisis.

Banks are “throttling” the recovery of Britain’s economy by failing to lend small firms desperate for loans, Business Secretary Vince Cable said on Sunday.

The Serious Fraud Office (SFO) has confirmed that it has formally launched an investigation into the rigging of inter-bank lending rates.

Small business owners fear the mis-selling deal between the Financial Services Authorities and the banks will not work.

Why more of Britain’s largest companies should sign up to a commitment to pay suppliers promptly.

MPs who questioned former Barclays chief executive Bob Diamond on the rate-rigging affair have expressed surprise at some of his evidence.

Inventors may be able to protect their inventions across Europe more easily after a deal was reached to set up a new patent court that will pave the way for a single European Union patent, although experts have expressed doubts over the benefits of a unified approach.